Turkey’s manufacturing PMI at 46.7 points in July

ANKARA

Turkey’s Purchasing Managers’ Index (PMI) for the manufacturing sector stood at 46.7 points in July, according to a monthly business survey released Thursday.

The Istanbul Chamber of Industry report, conducted in cooperation with London-based global data firm IHS Markit, showed that the PMI dropped slightly last month, versus an 11-month high index value of 47.9 points in June.

"Total new orders continued to soften amid challenging market conditions, particularly domestically.

"This was despite stability of new export orders, which followed an expansion in the previous month," it said.

The PMI survey data showed that the relatively positive picture around exports encouraged some manufacturers to raise their output during July.

"As a result, the pace of moderation in production softened to the weakest since March," it added.

The manufacturing PMI -- derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases -- is a composite single-figure indicator of manufacturing performance.

An index value above 50 indicates the sector is growing, while a figure below 50 signals a contraction.